BRIDGEPORT— Accountability Sunday is set for December 4, across the diocese. All diocesan parishes, schools and certain entities across the diocese will simultaneously issue their financial reports to the faithful using a standardized accounting reporting model.
Bishop Frank J. Caggiano instituted Accountability Sunday last year to ensure financial transparency, communicate to all parishioners and donors that good stewardship is being practiced, and provide a standard report that is consistent and straightforward.
Michael Hanlon, CPA, chief financial officer of the diocese, said that in order to ensure uniformity and consistency in reporting, the diocese has created a standardized template that will now be used by all parishes and schools. Every entity is required to report annually the results of their financial activities for the fiscal year ending June 30.
The individual reports will be made accessible either via parish bulletin or parish websites, school websites and the diocesan websites.
“We had a very positive response last year,” said Hanlon. “People told us they appreciated the transparency and uniformity in reporting. This hopefully allows everyone a simple method to understand the financial conditions of reporting diocesan entities. I believe it’s a way to show our gratitude and respect for those who give sacrificially to support their parish or other entities and the larger work of the Church.”
Hanlon said that the Accountability Sunday financial statements are designed to be accessible so that the average person in the pew who may not have experience reading financial reports could understand the financial details. He added that the reports may show that without other revenue sources, including fundraising activities undertaken by parishes and schools, many would report operational deficits.
The Diocese of Bridgeport publishes its yearly budget and Consolidated Financial Statements in Fairfield County Catholic and on its website.
View the diocesan reports:
Also visit: www.bridgeportdiocese.org/finance-services